BIG Drop In The June Market Stats

By: Thomas Cook

BIG Drop In The June Market Stats

Sales were down 37.4% for June compared to last year with 7,974 houses and condominiums changing hands in all the districts.
 
Condo townhouse and high-rise suites took a bigger 37.6% share of the market with 3,000 units being sold.
 
The June average sale price for all GTA homes came in at $793,915 – a still significant but much more moderate 6.3% higher than last year.
 
Because of higher prices for semi and detached houses, sales and competition for condo suites has now brought the high-rise market into extremely high demand.
 
The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been.  The inventory average for the month of June compared to historical numbers was just about even but up a big 60% from last year at this time.
 
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market. 
 
In June that ratio finished at 40.5% - compared to 99% last year and down from May’s 55%.  We’re now just in a ‘busy’ seller market territory so sellers need to be aware that it’s not the craziness of previous months!
 
The days-on-market average for Toronto homes was 15 days, 4 days slower than May. 

Watch the video to get the complete June 2017 Market Report details.



Here's the complete text version of the June 2017 Toronto Real Estate Market Report to read.

 

AVOID COSTLY MISTAKES WHEN GETTING PRE-APPROVED FOR A MORTGAGE


In today’s busy Toronto market, buyers often have to go in with either a firm, no conditions offer or occasionally with just a very short financing condition.  Otherwise the seller will choose to accept someone else’s offer.

Once you sign that firm offer, you’re irrevocably committed to buying that home!

You can’t risk doing that without understanding how mortgage financing works and getting a FULL mortgage pre-approval ahead of time.

Reading the Toronto Home Buyer’s Financing Guide will give you clear, easy to understand guidance on how to approach the mortgage pre-approval process.